Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 1   Excess non-concessional superannuation contributions tax reforms

Taxation Administration Act 1953

36   Subsection 96-25(2) in Schedule 1

Repeal the subsection, substitute:

(2) A *superannuation provider issued with a release authority under section 96-12 may, within 21 days after the release authority is issued (or a further period allowed by the Commissioner), pay to the individual the lesser of:

(a) the amount stated in the release authority; and

(b) the sum of the *maximum available release amounts for each *defined benefit interest held by the superannuation provider for the individual in *superannuation plans.

(3) For the purposes of paragraph (1)(a) or (2)(a), reduce the amount mentioned in that paragraph by any amount the provider pays under section 96-20 in relation to the release authority.